New Delhi and Moscow will increase cooperation in sectors like energy, pharmaceuticals, and IT, among others to triple bilateral trade to USD20
billion by 2015 from the current USD 7.4 billion.
The visiting Commerce and Industry Minister Anand Shamrma held discussions with his counterpart Viktor Khristenko here today to increase trade and economic engagement.They ministers emphasised the importance of continuous level interaction for developing bilateral economic relations which holds the key to
achieving the USD 20 billion trade volume by 2015.
"They focused on cooperation in the field of energy, pharmaceuticals, and information technology, among other sectors," an official said.
Sharma said he is looking forward to Russian deputy prime minister Sergei Sobyanin visit to India later in the year to attend the Indo-Russian inter-governmental commission.
Sharma is being accompanied by a large business delegation. Speaking at the at the Indo-Russia business dialogue session here Confederation of Indian Industries president Hari S Bhartia said the business from the two sides
would have to take "drastic steps" to increase trade.
The Business council on cooperation with India (BCCI) chairman Sergei Cheryomin said Russian businesses are targeting India after AFK Sistema's successful foray into the Indian telecom sector.
Dmitry Konov, chief executive of Russian petrochemical company Sibur, which recently signed an MoU with Reliance Industries for sharing production technology of Butyl-rubber
for the tyre industry, said the venture has great future as the raw material will now be produced by RIL as the by-product of oil refining.
The CII and Russian BCCI agreed to discuss concrete projects and prospects for ventures at the joint forum on investments and technologies in New Delhi ahead of president Dmitry Medvedev's India visit this year.